Achieving the American Dream
On November 13, The Pew Charitable Trusts released three reports from their Economic Mobility Project. The series presents information about various aspects to economic mobility - they look at the issue from generational, racial, and gender-focused lenses. "Economic Mobility of Families Across Generations" by Julia Isaacs finds that generally adults who were in their 30s and 40s in 2000 had more income than their parents' generation. Some of this can be explained by women entering the workforce and a decrease in family size. Also, the report states that 2 out of 3 Americans have higher family incomes than their parents did, and the higher the parents' income, the higher the income of their adult children.
However, the news isn't all good, which probably comes as no big surprise to many of us. We don't all have the same likelihood of attaining the "American Dream". Children of low-income parents are most likely to be low-income as well. Isaacs's "Economic Mobility of Black and White Families" discusses even more alarming findings showing the majority of black children of middle-income parents fall below their parents in income and economic status.
What do we do with this information? It's obviously a very complicated issue with many questions to be answered before a coherent response can be formulated. What is it about our society - the economics and culture of America that creates a world wherein the American Dream really is still just a dream for so many people? One starting point is to think about how to help families attain self-sufficient wages and build savings. Furthermore, financial literacy should be part of any standard education. If we want to help ourselves and each other attain the American Dream we need to know specifically how to get there. United Way of Massachusetts Bay and Merrimack Valley has just launched a new Financial Education toolkit that provides information about curricula and other resources.
This is a starting point, but the continuing dialogue about economic mobility and financial stability is one we all have a responsibility to take part in.
immigration
well im from honduras and i only had a card to work but it got expire last year and i can getting because i dont have money am 18 yrs old and am a single mom my daughter is 3 months but i cannot even get i degree because i need a green card
Reach for your dream
Americans have their own dreams and the most common dream for some is luxuries. But how can these dreams be reached if the cause of all miseries is economic fall. So, how will government going to act, in order to crack this economic trouble. America and people from all around the world have become familiar with this so-called American Dream and struggle to live up to what it means. We give our best effort to obtain the things that portray what we believe will fulfill this lifestyle – fancy cars, big houses, stunning jewels, and expensive things. However, even with all of these great things at hand, all the luxuries and material goods aren’t making Americans happy. Personally, I am guilty for doing the same. Although I had the nice car, designer clothes and fancy things, what struck me was the hollowness of my life. I felt guilty every time I made a purchase. Instead of getting the peace of mind I thought I’d be getting, I was weighed down emotionally and financially. Of course I enjoyed the fact that I was admired by many for the material things I had, but I’m sure they’d raise an eyebrow if they took one glance at my credit card debt. I’ve allowed myself to forget that the simplest things in life are the key ingredients to happiness – like spending quality time with my kids, getting outdoors, and having long heartfelt conversations with my wife. I am tired of keeping up with the Joneses and I am ready to man up to my mistakes. I am going to start living my own dream – the real American Dream. Aside from the credit repair, which I am getting, I am also using smart budgeting skills, better managing my finances in general, and spending more quality time and saving more money. Click here to read more on Credit Repair.
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